London - Reuters, the information, news and technology group, has become the
first publicly listed company in Europe to release its financial results on
the internet using a prototype of a new XML standard, Extensible Business
Reporting Language (XBRL), to publish its third quarter 2001 trading
XBRL provides the financial community with a standard way of digitally
publishing, extracting and exchanging company financial reports and
associated information. The standard is being developed by XBRL.org, an
international consortium of key players from the accounting industry and
companies concerned with the handling of financial information.
Reuters has been working with the Institute of Chartered Accountants in
England and Wales (ICAEW) and the UK XBRL Working Group, both of whom are
taking an active role in developing the new standard, to deploy XBRL in its
latest financial results. Using industry definitions to describe and
identify each item of financial information, the XBRL format makes it easier
for users to extract the information required and then analyse or integrate
this into their own applications.
David Grigson, Reuters Chief Financial Officer said: " XML is key to
distributing information in the internet age and the developing XBRL
standard will greatly increase the power of financial reporting. Reuters is
committed to using open standards technology and we are delighted to be
leading the deployment of XBRL in this way."
Anne Molyneux, Director of Technical Affairs, Institute of Chartered
Accountants in England and Wales, said: "This first publication of results
in the UK using XBRL is an important step forward in XBRL development. It
marks the start of a programme of broad testing of XBRL over the coming
months, which will lead to publication of a UK version. This will enable
general use of XBRL by companies and far more efficient financial
communications. We are grateful to Reuters for its early help in testing."
Chris Rodgers, Chairman of the UK XBRL Working Party, said: "Reuters
publication of results in XBRL is a first in Europe and shows the gathering
pace of XBRL development. The UK's progress reflects solid work both at a
national and international level on this electronic financial language.
Like the UK, a number of countries are working to finalise versions of XBRL,
which meet their accounting standards. We are looking forward to the
introduction of XBRL as a truly effective means of financial communication
around the world."
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